The 24-year-old Norway midfielder joined the Gunners from Real Madrid initially on loan in January 2021 before signing a permanent four-year deal that August, with a club option to extend his stay for a further 12 months.
Odegaard said: “Signing a new contract was a really easy decision for me for lots of reasons. Mainly what we are doing right now as a club is special and I want to be a part of that.
“I’m really excited for what’s to come here. I’ve found a place where I can be really settled and call my home.
“My story is a bit different maybe as I moved around different clubs since I was 16. At Arsenal, since the first day, I’ve felt great and this is definitely my home now.
“I just want to say thanks to everyone working at the club and of course, our fantastic supporters. I will continue to give everything to bring success to this club in the years to come.”
